International Prospect Acquires 1% NSR Covering Cameco's Stewardson/Halliday Concessions and Purchases the West Stewardson Uranium Property, Athabasca Basin
International Prospect Acquires 1% NSR
Covering Cameco's Stewardson/Halliday
Concessions and Purchases the West
Stewardson Uranium Property, Athabasca
Basin
Val-d'Or, Québec--(Newsfile Corp. - January 12, 2022) -
International Prospect Ventures Ltd.
(TSXV:
IZZ) (the "Company" or "IZZ"), is pleased to announce that it has entered into an agreement with Uravan
Minerals Inc. ("Uravan") to acquire a 1.0% net smelter royalty (the "NSR") that covers five mineral
dispositions (17,795 ha) held by Cameco Corporation ("Cameco") and a 100% interest in the West
Stewardson Uranium Property (5,251 ha), both located in the Athabasca Basin of northern
Saskatchewan (together, the "Property") (Figure 1).
Martin Walter, CEO of IZZ, commented, "As we continue to build a solid uranium property foundation,
this is an important project and uranium royalty that IZZ has added to its already impressive Canadian
uranium portfolio which contains projects in the Athabasca Basin in Saskatchewan, the Elliot Lake
Uranium Camp in Ontario, and the Otish Basin in Québec. Coupled with the Company's Beartooth Island
Uranium Project, the Uravan property purchase and royalty expands the Company's presence in the
Athabasca Basin."
Four of the five mineral dispositions covered by the NSR (Cameco's Stewardson Property) and the West
Stewardson Uranium Property purchased from Uravan are located about 20 north-northeast and along
trend of Cameco's Centennial Uranium Deposit which overlies the Dufferin Lake Fault and occurs within
the Virgin River structural corridor, south-central portion of the Athabasca Basin. The fifth mineral
disposition covered by the NSR (Halliday Property) is located about 20 km northwest of the McArthur
River Uranium Mine (70% Cameco and 30% Orano Canada), a large high-grade primary uranium
deposit (Figure 1).
In consideration for the Property, IZZ will pay Uravan $35,000 and issue Uravan 500,000 common
shares of IZZ (the "Transaction"). The Company will pay, subject to TSX Venture Exchange approval, a
finder's fee to an independent arms-length third party consisting of 21,562 common shares of the
Company.
The Transaction is subject to the approval of the TSX Venture Exchange. Cameco is the
holder of the five mineral dispositions that are subject to the NSR and Cameco has an exclusive option
to purchase 100% of the NSR for $500,000.
About the Stewardson Project Area
The Stewardson and West Stewardson concessions are being targeted for unconformity-type uranium
mineralization similar to that found at the Centennial Uranium Deposit about 20 km to the south-
southwest. The Centennial Uranium Deposit is a high-grade, unconformity-type uranium deposit
occurring at a depth of approximately 800 m that is currently in the drill-developed stage by Cameco and
its partner Orano Canada (previously AREVA Resources Canada). Drilling has defined the deposit
along a northeast-southwest strike length of about 650 m with widths ranging from 10.0 to 52.5 m
(Griffiths, 2014; Alexandre et al., 2012). The discovery hole drilled in 2004 by Formation Metals,
intersected 6.4 m at an average grade of 5.83% U
3
O
8
, targeting a time domain EM conductor in an
overall magnetic gradient low zone where variations in resistivity suggested altered rock. Nearby drill
holes intersected chlorite, hematite, and anomalous U concentrations in the sandstone column (Reid et
al., 2014).
Note that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of
mineralization hosted on the Property.
Figure 1. Location of the West Stewardson property purchase and Stewardson and Halliday
dispositions held by Cameco and subject to a 1% NSR, Athabasca Basin, Saskatchewan. The location
of the Beartooth Island Uranium Project, about 250 km to the northwest, is shown in the upper left
location map (base map: Geological Atlas of Saskatchewan; mineral dispositions: MARS).
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7051/109816_174cb9c8a4077b27_002full.jpg
Qualified Person
Dr. Scott Jobin-Bevans, (PhD, PMP, P.Geo.), a Director and Vice-President, Exploration for the
Company, is a Qualified Person pursuant to National Instrument 43-101 and has reviewed and approved
of the technical content of this news release as it relates to the Property.
For additional information, please contact:
Martin Walter
President/CEO
2864 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Tel.: 416-389-5692
Email:
Website:
www.iprospectventures.ca
Forward-Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements.
Forward-looking statements are statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should"
occur. Although the Company believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of future performance and
actual results or realities may differ materially from those in forward-looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of the Company's management on the date
the statements are made. Except as required by law, the Company undertakes no obligation to update
these forward-looking statements in the event that management's beliefs, estimates or opinions, or other
factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
news release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/109816